As part of its contribution to assisting small businesses, BCLI provides a free, grant-funded financial literacy program for eligible small employers (those without a retirement plan for their employees) and community groups.
The no-cost, innovative program incorporates small group education and individualized coaching:
- “Pay Yourself First” Workshops, often offered as a lunch and learn session, to educate on key principles.
- Practical and important guidance provided on:
- Budgeting and money management
- Debt management and credit rating improvement
- Importance of and strategies for saving/growing/protecting money
- Additional topics are available through the SBA/FDIC Money Smart
- One-on-one sessions thereafter to answer questions and, most importantly, assist each person to create an individual Money Smart Plan
Small businesses without a retirement plan including on-site financial literacy education are at a distinct disadvantage in attracting and retaining talent (employees). This plus the fact that employees’ financial stressors impact productivity, absenteeism, and morale are strong reasons to adopt this offering that doesn’t create any cost, reporting, nor liabilities to the employer.